http://saeb.feaa.uaic.ro/index.php/saeb/issue/feedScientific Annals of Economics and Business2017-07-13T07:54:29+03:00SCIENTIFIC ANNALS OF ECONOMICS AND BUSINESSsaeb@uaic.roOpen Journal Systems<p><strong><span>Call for papers</span></strong></p><p><span>On behalf of the editorial board of the<span class="apple-converted-space"> </span><em><strong>Scientific Annals of Economics and Business</strong></em><span class="apple-converted-space"> </span>(until 2015,<span class="apple-converted-space"> </span><em>Analele ştiinţifice ale Universităţii "Al.I. Cuza" din Iaşi. Ştiinţe economice / Scientific Annals of the Alexandru Ioan Cuza University of Iasi. Economic Sciences</em>), we are pleased to </span>inform <span>you that we are continuously accepting manuscripts for the next issues. </span></p><p>The Journal, founded in 1954, is <strong>published four times a year (</strong>in <strong>March, June, September</strong><strong> and December)</strong><em>,</em> under the sponsorship of the Alexandru Ioan Cuza University of Iasi, the oldest higher education institution in Romania, a place of excellence and innovation in education and research established in 1860.</p><p class="Default"><strong>The journal is indexed by Scopus, EBSCO and EconLit </strong>(The American Economic Association’s electronic bibliography), is fully available at the Research Papers in Economics (RePec), Directory of Open Access Journals (DOAJ), Central and Eastern European Online Library (CEEOL), and Scirus. In addition, the Journal is included in Cabell's Directories, Index Copernicus, Online Catalogue of the ZBW - German National Library of Economics (ECONIS), International Consortium for Advancement of Academic Publication (ICAAP), Electronic Journals Library, The Knowledge Base Social Sciences in Eastern Europe, Scientific Commons, The ZDB, Intute: Social Science (SOSIG - Social Science Information Gateway), New Jour, GESIS SocioGuide, Genamics Journalseek, Catalogo Italiano dei Periodici (ACNP), Google Scholar, and ResearchGate. In 2013, <em>Scientific Annals of Economics and Business</em> has been included in Elsevier's Scopus database, under the name <em><span>Analele ştiinţifice ale Universităţii "Al.I. Cuza" din Iaşi. Ştiinţe economice (</span></em>ISSN: 0379–7864 - printed edition, ISSN: 2068–8717 - online edition)<em><span><span>)</span>. </span></em>Since 2016, the journal is indexed in Scopus under the new name, <em>Scientific Annals of Economics and Business</em>.</p><p>Authors are invited to submit manuscripts to be reviewed for possible publication in the Journal. It publishes articles in all areas of economics, business and related disciplines. <span>The paper must be an original unpublished work written in English (British or American) that is not currently under review by other journals. <strong>There are no submission or publication costs for authors.</strong></span></p><p><span>Manuscripts should follow the format <a href="/index.php/saeb/about/submissions#authorGuidelines">style</a> of the journal. The papers should not exceed 30 pages including figures and references, and an author is only allowed to publish one paper per issue. Detailed background information on the submission of papers and review </span>process<span> can be found in the <a href="/index.php/saeb/about/submissions#onlineSubmissions"><em><span>Submission section</span></em></a>.</span></p><p class="Default">The manuscripts are to be submitted electronically, via Journal’s <a href="/index.php/saeb/about/submissions#onlineSubmissions">website</a>, which offers a fully <strong>online manuscript submission and tracking system</strong>. Following submission, the author(s) track and check the latest status of the article quite easily by the help of the system.</p><p class="Default">Submitted manuscripts will receive an initial screening from the editorial board before entering the double-blind review process. The Journal maintains a rapid electronic submission, review and publication process. On average, the double-blind review process (from submission to first editor decision) takes around 8-10 weeks and from acceptance to appearance online around 2-3 weeks.</p><p><span>Accepted papers will be available on the journal website soon after acceptance, in a special section, <em><a href="/index.php/saeb/issue/view/11"><span>Early Bird</span></a></em>. This “advance access” system enables us to publish papers online well ahead of their appearance in the printed journal. It also allows authors to obtain citations earlier, due to the use of 'Digital Object Identifier' (DOI).</span></p><p><strong>Type of publication</strong>: scientific/academic</p><p><strong>Language</strong>: English<br />ISSN-L: 2501-1960 <br />ISSN: 2501-1960 (printed edition)<br />e-ISSN: 2501-3165 (online edition)</p><p> <img style="float: left;" src="/public/journals/1/cover_issue_1_en_US.png" alt="" /> <a href="http://www.scimagojr.com/journalsearch.php?q=21100264007&amp;tip=sid&amp;clean=0" target="_blank"><img style="float: right;" src="/public/site/images/admin/journal_img.png" alt="" /></a></p><div style="clear: both;"> </div>http://saeb.feaa.uaic.ro/index.php/saeb/article/view/97CORPORATE GOVERNANCE AND HUMAN RESOURCE MANAGEMENT IN NIGERIA’S DOWNSTREAM PETROLEUM SECTOR2017-07-13T07:45:25+03:00OLABODE A. OYEWUNMIolabode.oyewunmi@covenantuniversity.edu.ngKENNETH S. ADEYEMIskadeyemi849@gmail.comOLALEKE O. OGUNNAIKEolaleke.ogunnaike@covenantuniversity.edu.ng<p>The emergence of a ‘new world economy’ makes it imperative for corporate entities to adjust their corporate values, practices and internal processes. The paper considered the requisite regulations, policies and human resource outcomes attributable to wider spectrum of stakeholders. Specifically, the paper explored interrelatedness of selected corporate governance practices and human resource management out comes. In this regard, the paper relied on established corporate management theories as a platform for empirical consideration of selected issues relative to four established players in Nigeria’s downstream petroleum sector. Contextual arguments towards are captured to achieve a more robust appreciation of issues affecting individual participations and operations of the corporate entity. The study found that there is a significant relationship between corporate governance practices and human resource management outcomes.</p>2017-06-29T03:02:12+03:00Copyright (c) 2017 Scientific Annals of Economics and Businesshttp://saeb.feaa.uaic.ro/index.php/saeb/article/view/111IMPACT OF TELEWORK ON THE PERCEIVED WORK ENVIRONMENT OF OLDER WORKERS2017-07-13T07:50:37+03:00RENE ARVOLArene.arvola@ttu.eePIIA TINTpiia.tint@ttu.eeÜLO KRISTJUHANulo.kristjuhan@ttu.eeVIRVE SIIRAKvirve.siirak@ttu.ee<p><em></em><span style="font-size: small;"><span style="font-family: Times New Roman;">Telework has become a natural part of regular work life of employees who use the information communication technology (ICT). Telework has a potential to support postponing retirement for mental workers. The objective of this research was to find out interaction between senior employees’ teleworking and well-being. The main research question was – can telework improve elderly employees’ well-being? Over 100 respondents from different areas in mental work were involved in a quantitative survey. The results of a conducted survey showed that telework is exaggerated to some extent as teleworkers’ well-being (M=7.79; SD=1.28) does not diverge from non-teleworkers’ well-being (M=7.75; SD=1.40). However, telework can be neither underestimated nor taken as interchangeable with traditional work. Therefore, it is necessary to pay attention to telework as a different way of working with its specialties. Systematic approach to telework enables companies to employ elderly by providing diversity of work forms.</span></span></p><p style="margin: 0cm 0cm 0pt;"> </p>2017-06-29T03:02:12+03:00Copyright (c) 2017 Scientific Annals of Economics and Businesshttp://saeb.feaa.uaic.ro/index.php/saeb/article/view/106PRIMARY SOURCES OF CORPORATE INVESTMENT IN HUNGARY2017-07-13T07:52:20+03:00KLÁRA KATONAkatona.klara@jak.ppke.hu<p class="3AbstractB"> This research aims to reveal how Hungarian companies have financed investments over the last two decades. Which financing strategy characterized them: was internal capital accumulation or external resources, such as bank loans or foreign capital the primary source of corporate investments? The study gives an overview of the conditions typical in the Hungarian financing and capital market over the last 25 years through an empirical analysis. Using a linear regression model, the paper examines the main investments sources among the top 5000 Hungarian firms according to revenues between 1996 and 2014. The model proved that the effect of loans in financing investments was significant and positive in all examined firms, independently from their ownership in the whole period. The rate of indebtedness of foreign companies was mainly attributable to local bank credits and not loans granted by mother companies.</p><p> </p>2017-06-29T03:02:12+03:00Copyright (c) 2017 Scientific Annals of Economics and Businesshttp://saeb.feaa.uaic.ro/index.php/saeb/article/view/100OCA INDEXES AND CONVERGENCE PROCESS IN EUROPE2017-07-13T07:49:26+03:00JAKUB FRYDRYCHfrydrych@pef.czu.czSTANISLAV BURIANburians@pef.czu.cz<span lang="EN-US">This paper evaluates the European monetary convergence for period 2001 and 2013. The main purpose of this contribution is the estimation of the so-called OCA index, which indicates the proximity of two economic areas. The paper is theoretically based mainly on the research of Bayoumi, Eichengreen (1997) and Horváth, Komárek (2003). Selection and calculation of variables precedes the econometric analysis, and those variables correspond to the basic characteristics of an optimum currency area. Although the estimated model fulfills the conditions of economic and econometric verifications, its explanatory capabilities are significantly reduced due to the limited set of input data. Results of the analysis point to relatively stable values of indices in the period, but their further examination of the development in time reveals a steady deterioration in the case of almost all economies. </span>2017-06-29T03:02:12+03:00Copyright (c) 2017 Scientific Annals of Economics and Businesshttp://saeb.feaa.uaic.ro/index.php/saeb/article/view/119STOCK PRICE SIMULATION USING BOOTSTRAP AND MONTE CARLO2017-07-13T07:47:21+03:00MARTIN PAŽICKÝmartin.pazicky@fm.uniba.sk<p>In this paper, an attempt is made to assessment and comparison of bootstrap experiment and Monte Carlo experiment for stock price simulation. Since the stock price evolution in the future is extremely important for the investors, there is the attempt to find the best method how to determine the future stock price of BNP Paribas´ bank. The aim of the paper is define the value of the European and Asian option on BNP Paribas´ stock at the maturity date. There are employed four different methods for the simulation. First method is bootstrap experiment with homoscedastic error term, second method is blocked bootstrap experiment with heteroscedastic error term, third method is Monte Carlo simulation with heteroscedastic error term and the last method is Monte Carlo simulation with homoscedastic error term. In the last method there is necessary to model the volatility using econometric GARCH model. The main purpose of the paper is to compare the mentioned methods and select the most reliable. The difference between classical European option and exotic Asian option based on the experiment results is the next aim of tis paper.</p>2017-06-29T03:02:12+03:00Copyright (c) 2017 Scientific Annals of Economics and Businesshttp://saeb.feaa.uaic.ro/index.php/saeb/article/view/112REGIONAL INCOMES STRUCTURE ANALYSIS IN SLOVAK REPUBLIC ON THE BASIS OF EU-SILC DATA2017-07-13T07:48:18+03:00MILAN TEREKmilan.terek1@gmail.com<p class="3AbstractB">The paper deals with the regional incomes structure analysis in Slovak republic on the basis of European Union statistics on income and living conditions in Slovak republic data. The empirical probability mass function and empirical cumulative distribution function is constructed with aid of given sampling weights. On the basis of these functions the median, medial, standard deviation and population histogram of the whole gross household incomes for the whole Slovak republic and separately for eight Slovak regions are estimated and compared.</p><p><em><span style="font-family: Times New Roman;"><br /></span></em></p><p> </p>2017-06-29T03:02:12+03:00Copyright (c) 2017 Scientific Annals of Economics and Businesshttp://saeb.feaa.uaic.ro/index.php/saeb/article/view/120VOLATILITY NEXUS BETWEEN STOCK MARKET AND MACROECONOMIC VARIABLES IN BANGLADESH: AN EXTENDED GARCH APPROACH2017-07-13T07:53:03+03:00Md. ABU HASANhhafij@yahoo.comANITA ZAMANanitahasan@yahoo.com<p>This paper examines the volatility of the Bangladesh stock market returns in response to the volatility of the macroeconomic variables employing monthly data of general index of Dhaka Stock Exchange (DSE) and four macroeconomic variables (Call Money Rate, Crude Oil Price, Exchange Rate and SENSEX of Bombay Stock Exchange) from January 2001 to December 2015. The results of GARCH-S models reveal that the volatility of DSE return is significantly guided by the volatility of macroeconomic variables, such as, exchange rate and SENSEX. Specifically, volatility of the DSE is expected to 19% increase by 1% increase of exchange rate. Moreover, the volatility of the Bangladesh stock market returns is expected to dampen down by 2% with an increase in the volatility of Indian stock market of 1%. Thus, we can comment that adding exchange rate or stock returns of India in the GARCH model provides significant knowledge about the behavior of the DSE volatility. <em></em></p>2017-06-29T03:02:12+03:00Copyright (c) 2017 Scientific Annals of Economics and Businesshttp://saeb.feaa.uaic.ro/index.php/saeb/article/view/128AN EMPIRICAL ANALYSIS OF THE DETERMINANTS OF ECONOMIC GROWTH IN THE WESTERN BALKANS2017-07-13T07:53:35+03:00BESNIK TAIP FETAIb.fetai@seeu.edu.mkBESIME FEKRI MUSTAFIb.mustafi@seeu.edu.mkARIANA BESNIK FETAIaf19577@seeu.edu.mk<p class="Abstractcontent"><span lang="EN-GB">The objective of this paper is to assess the main determinants that affect economic growth, and also the policies that may affect it, in the Western Balkan over the period 1994 to 2015. For this purpose we employ different techniques: OLS with robust error, fixed and random effects model, and Hausman-Taylor model with instrumental variables (IV). The study shows the evidence of conditional convergence, indicating to the need for an upward move in the steady state level of the Western Balkan region. The results show that foreign direct investments, gross savings and domestic credit to private sector have a positive effect on per capita growth. On the other hand, initial level of per capita growth, corruption, unemployment, and general government final consumption, have a negative relationships with per capita growth. Moreover, the paper shows puzzling results of the schooling which is not significant factor for growth in the Western Balkans. The study also highlights the relevance of attracting more foreign direct investments and reduction in corruption. </span></p>2017-06-29T03:02:12+03:00Copyright (c) 2017 Scientific Annals of Economics and Businesshttp://saeb.feaa.uaic.ro/index.php/saeb/article/view/80WORKING CAPITAL MANAGEMENT POLICIES AND RETURNS OF LISTED MANUFACTURING FIRMS IN GHANA2017-07-13T07:54:29+03:00ANOKYE M ADAMaadam@ucc.edu.ghEDWARD QUANSAHedwardquansah76@yahoo.comSEYRAM KAWORskawor@ucc.edu.gh<p>This study sought to determine the effects aggressive/conservative current asset investment and financing policies have on firms’ return for six manufacturing firms listed at Ghana Stock Exchange for a period of 2000-2013. Data were obtained from the annual reports of the firms and the Ghana Stock Exchange. The study adopted longitudinal explanatory non-experimental research design applied to dynamic panel ARDL framework in analyzing the data. The results revealed that the current asset investment and financing policies have highly significant positive effects on returns to equity holders in the long-run. The empirical evidence suggests that conservative current asset investment policies increase firms return while conservative financing policies yields negative returns. The study therefore would enable finance managers to be able to fashion out the appropriate working capital management policies. A firm pursuing conservative current asset investment policy should balance it with aggressive current asset financing policy in order to enhance profitability and create value for their investors.</p>2017-06-29T03:02:12+03:00Copyright (c) 2017 Scientific Annals of Economics and Business